Private Equity Acquistions

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Private Equity 4.0

Benoît Leleux,Hans van Swaay,Esmeralda Megally
Private Equity 4 0 Book PDF

Author : Benoît Leleux,Hans van Swaay,Esmeralda Megally
Publisher : John Wiley & Sons
Page : 291 pages
File Size : 48,8 Mb
Release : 2015-03-30
Category : Business & Economics
ISBN : 9781118939734

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Private Equity 4.0 by Benoît Leleux,Hans van Swaay,Esmeralda Megally Pdf

“Private equity is more economically significant than ever, as institutions hunt for high returns in a risky world. Private Equity 4.0 examines the role, workings and contribution of this important industry in a straightforward yet revealing manner.” Dr. Josh Lerner Jacob H. Schiff Professor of Investment Banking Chair, Entrepreneurial Management Unit Harvard Business School A multi-perspective look at private equity's inner workings Private Equity 4.0 provides an insider perspective on the private equity industry, and analyzes the fundamental evolution of the private equity asset class over the past 30 years, from alternative to mainstream. The book provides insightful interviews of key industry figures, and case studies of some of the success stories in the industry. It also answers key questions related to strategy, fund manager selection, incentive mechanisms, performance comparison, red flags in prospectuses, and more. Private Equity 4.0 offers guidance for the many stakeholders that could benefit from a more complete understanding of this special area of finance. Understand the industry's dominant business models Discover how value is created and performance measured Perform a deep dive into the ecosystem of professionals that make the industry hum, including the different incentive systems that support the industry's players Elaborate a clear set of guidelines to invest in the industry and deliver better performance Written by a team of authors that combine academic and industry expertise to produce a well-rounded perspective, this book details the inner workings of private equity and gives readers the background they need to feel confident about committing to this asset class. Coverage includes a historical perspective on the business models of the three major waves of private equity leading to today's 4.0 model, a detailed analysis of the industry today, as well as reflections on the future of private equity and prospective futures. It also provides readers with the analytical and financial tools to analyze a fund's performance, with clear explanations of the mechanisms, organizations, and individuals that make the system work. The authors demystify private equity by providing a balanced, but critical, review of its contributions and shortcomings and moving beyond the simplistic journalistic descriptions. Its ecosystem is complex and not recognizing that complexity leads to inappropriate judgments. Because of its assumed opacity and some historical deviant (and generally transient) practices, it has often been accused of evil intents, making it an ideal scapegoat in times of economic crisis, prodding leading politicians and regulators to intervene and demand changes in practices. Unfortunately, such actors were often responding to public calls for action rather than a thorough understanding of the factors at play in this complex interdependent system, doing often more harm than good in the process and depriving economies of one of their most dynamic and creative forces. Self-regulation has clearly shown its limits, but righteous political interventions even more so. Private equity investment can be a valuable addition to many portfolios, but investors need a clear understanding of the forces at work before committing to this asset class. With detailed explanations and expert insights, Private Equity 4.0 is a comprehensive guide to the industry ways and means that enables the reader to capture its richness and sustainability.

International Private Equity

Eli Talmor,Florin Vasvari
International Private Equity Book PDF

Author : Eli Talmor,Florin Vasvari
Publisher : John Wiley & Sons
Page : 764 pages
File Size : 50,8 Mb
Release : 2011-06-24
Category : Business & Economics
ISBN : 1119973880

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International Private Equity by Eli Talmor,Florin Vasvari Pdf

Bringing a unique joint practitioner and academic perspective to the topic, this is the only available text on private equity truly international in focus. Examples are drawn from Europe the Middle East, Africa and America with major case studies from a wide range of business sectors, from the prestigious collection of the London Business School’s Coller Institute of Private Equity. Much more than a simple case book, however, International Private Equity provides a valuable overview of the private equity industry and uses the studies to exemplify all stages of the deal process, and to illustrate such key topics as investing in emerging markets; each chapter guides the reader with an authoritative narrative on the topic treated. Covering all the main aspects of the private equity model, the book includes treatment of fund raising, fund structuring, fund performance measurement, private equity valuation, due diligence, modeling of leveraged buyout transactions, and harvesting of private equity investments.

Buy and Build Strategies in Management Buyouts

Moritz Breuninger
Buy and Build Strategies in Management Buyouts Book PDF

Author : Moritz Breuninger
Publisher : GRIN Verlag
Page : 64 pages
File Size : 51,9 Mb
Release : 2013-11-29
Category : Business & Economics
ISBN : 9783656551850

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Buy and Build Strategies in Management Buyouts by Moritz Breuninger Pdf

Master's Thesis from the year 2013 in the subject Business economics - Business Management, Corporate Governance, grade: 7,5, Erasmus University Rotterdam (Strategic Management), language: English, abstract: Recent changes in the market for private equity have led investors to shift their attention away from market beta and towards generating alpha through the exploration of growth opportunities. PE firms increasingly use active ownership to implement these new growth plans. Buy and build strategies have emerged as a feasible and lucrative strategy of active ownership. The add-on acquisitions required when pursuing this strategy and the need to create value through synergistic effects necessitate post-acquisition integration efforts. Despite its relevance, researchers in the field of strategic management and finance have paid little attention to buy and build strategies. Moreover, they have yet to bridge the findings by scholars and practitioners on post-acquisition integration and active ownership. This paper seeks to fill this gap by answering the research question of how PE firms contribute to the integration process and how they handle task and affective conflicts and exercise management control with regard to the cooperation between the PE firm and the management of the portfolio company. Previous work has linked active ownership to capabilities and found that prior business experience is a strong predictor of active ownership, meaning a high level of contribution by the investment firm. This paper complements this work by analyzing active ownership of private equity firms in the context of post-acquisition integration in buy and build strategies and finds a direct link between capabilities and active ownership through four explanatory theory-building case studies. Birkinshaw et al. (2000)’s study on post-acquisition integration is used as a guiding concept in this paper. They distinguish between task integration, which is defined as the identification and realization of operational synergies, and human integration, which is defined as the creation of positive attitudes towards the integration and shared identity among employees. This paper creates a practical Framework for Integration Management on this notion and extends it by additional academic literature and relevant studies of consulting firms. A number of working propositions are derived from the literature and linked to the framework. Each proposition is then tested through within-case analysis and across-case comparison. Based on the evidence, three propositions are revised or extended whereas six propositions are supported. [...]

Private Equity Review

Stephen L Ritchie
Private Equity Review Book PDF

Author : Stephen L Ritchie
Publisher : Law Business Research Ltd.
Page : 592 pages
File Size : 44,7 Mb
Release : 2017-05-12
Category : Electronic
ISBN : 9781912377756

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Private Equity Review by Stephen L Ritchie Pdf

The Private Equity Review, edited by Stephen L Ritchie of Kirkland & Ellis LLP, reflects the fact the market continues to become more geographically diverse, meaning that private equity professionals need guidance from local practitioners about how to raise money and close deals in multiple jurisdictions. With this need in mind, this book contains contributions from leading private equity practitioners in 29 different countries, with observations and advice on private equity deal-making, investing and fundraising in their respective jurisdictions. Contributors include: Iain McMurdo, Maples and Calder; Christian Hoedl, Uria Menendez.

Mergers and Acquisitions Basics

Michael E. S. Frankel,Larry H. Forman
Mergers and Acquisitions Basics Book PDF

Author : Michael E. S. Frankel,Larry H. Forman
Publisher : John Wiley & Sons
Page : 360 pages
File Size : 55,8 Mb
Release : 2017-03-22
Category : Business & Economics
ISBN : 9781119274261

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Mergers and Acquisitions Basics by Michael E. S. Frankel,Larry H. Forman Pdf

The essential executive M&A primer, with practical tools and expert insight Mergers and Acquisitions Basics provides complete guidance on the M&A process, with in-depth analysis, expert insight, and practical tools for success. This new second edition has been updated to reflect the current M&A landscape, giving busy executives the ideal resource for navigating each step in the process. Veteran executives relate guidelines, lessons learned, and mistakes to avoid as they explain how M&As work, identify the major players, and describe the roles involved in a successful transaction. Both buyer and seller must consider a broad range of factors, and this essential guide provides checklists, forms, sample reports, and presentations to help you avoid surprises and ensure your organization's full preparation for the deal. Equity investments, valuation, negotiation, integration, legal aspects, and more are explained in detail to provide a foundational primer for anyone seeking to clarify their role in the process. Mergers and acquisitions are becoming ever more critical to the growth of large and mid-sized companies. This book balances depth and breadth to provide a one-stop guide to maximizing the financial and operational value of the deal. Identify key drivers of purchase or sale Understand major roles, processes, and practices Avoid valuation detractors and negotiate effectively Overcome common challenges to successful integration Effective M&As are highly strategic, solidly structured, and beneficial on both sides. It's a complex process with many variables, many roles, and many potential pitfalls, but navigating the deal successfully can mean the difference between growth and stagnation. Mergers and Acquisitions Basics is the comprehensive resource every executive needs to understand the ins-and-outs of strategic transactions.

Lessons from Private Equity Any Company Can Use

Orit Gadiesh,Hugh Macarthur
Lessons from Private Equity Any Company Can Use Book PDF

Author : Orit Gadiesh,Hugh Macarthur
Publisher : Harvard Business Press
Page : 126 pages
File Size : 54,7 Mb
Release : 2008-02-07
Category : Business & Economics
ISBN : 9781422156322

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Lessons from Private Equity Any Company Can Use by Orit Gadiesh,Hugh Macarthur Pdf

Private equity firms are snapping up brand-name companies and assembling portfolios that make them immense global conglomerates. They're often able to maximize investor value far more successfully than traditional public companies. How do PE firms become such powerhouses? Learn how, in Lessons from Private Equity Any Company Can Use. Bain chairman Orit Gadiesh and partner Hugh MacArthur use the concise, actionable format of a memo to lay out the five disciplines that PE firms use to attain their edge: · Invest with a thesis using a specific, appropriate 3-5-year goal · Create a blueprint for change--a road map for initiatives that will generate the most value for your company within that time frame · Measure only what matters--such as cash, key market intelligence, and critical operating data · Hire, motivate, and retain hungry managers--people who think like owners · Make equity sweat--by making cash scarce, and forcing managers to redeploy underperforming capital in productive directions This is the PE formulate for unleashing a company's true potential.

Private Equity Acquisitions of Bankrupt Firms in the United States and Germany

Elmar Gans
Private Equity Acquisitions of Bankrupt Firms in the United States and Germany Book PDF

Author : Elmar Gans
Publisher : GRIN Verlag
Page : 77 pages
File Size : 49,6 Mb
Release : 2009-02
Category : Electronic
ISBN : 9783640273188

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Private Equity Acquisitions of Bankrupt Firms in the United States and Germany by Elmar Gans Pdf

Diploma Thesis from the year 2005 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,7, LMU Munich, 110 entries in the bibliography, language: English, abstract: In early December, 2004, German newspapers reported the acquisition of bankrupt automotive supplier Peguform GmbH, based in B tzingen, by U.S. private equity investor Cerberus Capital Management1. The transaction was announced 30 months after Peguform, a company with more than 5,000 employees that recorded EUR 1.4 billion in revenues in 20032, had filed for bankruptcy. As it involved a large firm with substantial importance for Germany's core automotive industry, this transaction shone a spotlight on a sector of the private equity business that has not yet been widely recognized in Germany: investments in bankrupt firms. While traditional private equity buyouts of financially stable firms have become more and more commonplace in Germany in recent years3, little attention has been devoted to the niche of transactions at the corporate cycle's very end. In the United States, in contrast, private equity funds investing in bankrupt firms constitute a well-established part of the financial markets. In this thesis, I aim at providing an overview of the most important aspects concerning private equity acquisitions of bankrupt firms, both in the United States and Germany. This comprises an analysis of the institutional framework for such acquisitions, an investigation of the transaction process and the management of acquired businesses, a closer look at the actual market for these transactions and its development in recent years, and two case studies for practical insight and validation of the findings.

Collaboration Strategy

Felix Barber,Michael Goold
Collaboration Strategy Book PDF

Author : Felix Barber,Michael Goold
Publisher : Bloomsbury Publishing
Page : 246 pages
File Size : 46,5 Mb
Release : 2014-09-25
Category : Business & Economics
ISBN : 9781472912046

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Collaboration Strategy by Felix Barber,Michael Goold Pdf

Current strategy thinking focuses on what to do, not how to motivate employees, suppliers and business partners to do it. Whether working with employees or with external suppliers, companies are increasingly stumbling with implementing strategy. But why is this happening? And how can we address it? Collaboration Strategy argues that motivating people and companies is fundamental to business success. In the activities that matter most in today's economy – design, development, marketing, sales, projects – it is hard to define just what you want done. Setting up business activities to get the results you want becomes a strategic challenge. In industries from pharmaceuticals to fashion, software to stock exchanges, new ways of working with partners that break down traditional company boundaries and establish new roles and relationships have enabled businesses to grow rapidly and achieve superior profits. At the heart of this book, Felix Barber and Michael Goold have combined their considerable expertise to present a complete and original 'collaboration framework' based on their findings over a seven year period in which they interviewed over 200 businesses. The framework explains how to set up to get the results you want for a range of different activities and industries. They present the 10 requirements needed for profitable collaboration, and use real-life scenarios to apply their framework and analysis, offering a menu of tactics to address the most common problems in setting up collaboration with partners. Essentially, you must design a basis for working together, or 'collaboration,' with your employees and suppliers that will get them to do what you want.

Private Equity and Corporate Control Transactions

Robert P. Austin,A. F. Tuch
Private Equity and Corporate Control Transactions Book PDF

Author : Robert P. Austin,A. F. Tuch
Publisher : Unknown
Page : 118 pages
File Size : 42,7 Mb
Release : 2008
Category : Business enterprises
ISBN : 0980334616

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Private Equity and Corporate Control Transactions by Robert P. Austin,A. F. Tuch Pdf

In the recent past we have seen an explosion of business acquisitions and proposals by private equity firms. Acquisitions by private equity globally were valued at US$800 billion in 2006, and in Australia the average deal size increased 15-fold in that year. Private equity bids for the Coles and Qantas groups, though unsuccessful, attracted particular public attention. Public criticisms about alleged lack of accountability, high gearing of acquired businesses, and a perceived threat to jobs, have generally not been supported by governmental report in several countries. In Australia the Senate Standing Committee on Economics, which reported in August 2007, concluded by majority that there was no convincing case for further regulation. Legal issues about private equity acquisitions include questions of conflicts of interest for target company executives who join the private bidding consortium in the hope of personal rewards, and issues about whether it is consistent with their fiduciary duties for the target?s directors to cooperate with the private equity bidder?s desire for an agreed acquisition. Some Australian company boards have taken contrasting approaches to the question whether to disclose to the market a private equity approach before a concrete proposal is on the table. And acute questions arise if the private equity bidder proceeds by takeover bid rather then scheme and falls short of full control. The lack of liquidity following from the crisis in global credit markets in mid-2007 has slowed down private equity activity, facilitating reflection on these important questions. They were explored at a conference held in Sydney in August 2007 under the auspices of the Supreme Court of New South Wales and the Law Society of New South Wales. This book is, in part, an edited transcript of that conference. It also contains essays by the editors on the private equity phenomenon.

The Masters of Private Equity and Venture Capital

Robert Finkel,David Greising
The Masters of Private Equity and Venture Capital Book PDF

Author : Robert Finkel,David Greising
Publisher : McGraw Hill Professional
Page : 384 pages
File Size : 45,7 Mb
Release : 2009-12-21
Category : Business & Economics
ISBN : 9780071624619

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The Masters of Private Equity and Venture Capital by Robert Finkel,David Greising Pdf

Ten Leading private investors share their secrets to maximum profitability In The Masters of Private Equity and Venture Capital, the pioneers of the industry share the investing and management wisdom they have gained by investing in and transforming their portfolio companies. Based on original interviews conducted by the authors, this book is filled with colorful stories on the subjects that most matter to the high-level investor, such as selecting and working with management, pioneering new markets, adding value through operational improvements, applying private equity principles to non-profits, and much more.

The Merger & Acquisition Leader's Playbook

Jeffrey P. Pritchett,George B. Bradt
The Merger Acquisition Leader s Playbook Book PDF

Author : Jeffrey P. Pritchett,George B. Bradt
Publisher : John Wiley & Sons
Page : 406 pages
File Size : 53,9 Mb
Release : 2022-09-07
Category : Business & Economics
ISBN : 9781119899860

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The Merger & Acquisition Leader's Playbook by Jeffrey P. Pritchett,George B. Bradt Pdf

Make your next merger or acquisition one for the ages Meant to create value potentially fueled by synergies, the reality is that most mergers and acquisitions fail. It’s estimated that 83% of mergers and acquisitions do not hit their desired results. The Merger & Acquisition Leader’s Playbook tells you why most mergers fail. More importantly, it tells you how to make your next one a sweeping success. In the book, a team of private equity experts deliver a masterful walkthrough of how to integrate organizations by driving commercial success, instead of focusing purely on cutting costs. Readers will find: Concrete strategies for increasing the odds of success and reducing the risk of failure – of a new merger or acquisition A comprehensive, easily deployed and implemented plan to realize synergies Proven tools, techniques, and tricks of the trade to help leaders stay on top of their latest merger and keep everything on track A must-read resource for business leaders considering a fresh merger or acquisition, The Merger & Acquisition Leader's Playbook: A Practical Guide to Integrating Organizations, Executing Strategy, and Driving New Growth after M&A or Private Equity Deals will also earn a place in the libraries of investors, agents, corporate service providers, and consultants trying to get two or more businesses to pull in the same direction.

Investment Banking

Joshua Pearl,Joshua Rosenbaum
Investment Banking Book PDF

Author : Joshua Pearl,Joshua Rosenbaum
Publisher : John Wiley & Sons
Page : 496 pages
File Size : 45,6 Mb
Release : 2013-05-29
Category : Business & Economics
ISBN : 9781118715864

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Investment Banking by Joshua Pearl,Joshua Rosenbaum Pdf

Investment Banking, UNIVERSITY EDITION is a highly accessible and authoritative book written by investment bankers that explains how to perform the valuation work at the core of the financial world. This body of work builds on Rosenbaum and Pearl’s combined 30+ years of experience on a multitude of transactions, as well as input received from numerous investment bankers, investment professionals at private equity firms and hedge funds, attorneys, corporate executives, peer authors, and university professors. This book fills a noticeable gap in contemporary finance literature, which tends to focus on theory rather than practical application. It focuses on the primary valuation methodologies currently used on Wall Street—comparable companies, precedent transactions, DCF, and LBO analysis—as well as M&A analysis. The ability to perform these methodologies is especially critical for those students aspiring to gain full-time positions at investment banks, private equity firms, or hedge funds. This is the book Rosenbaum and Pearl wish had existed when we were trying to break into Wall Street. Written to reflect today’s dynamic market conditions, Investment Banking, UNIVERSITY EDITION skillfully: Introduces students to the primary valuation methodologies currently used on Wall Street Uses a step-by-step how-to approach for each methodology and builds a chronological knowledge base Defines key terms, financial concepts, and processes throughout Provides a comprehensive overview of the fundamentals of LBOs and an organized M&A sale process Presents new coverage of M&A buy-side analytical tools—which includes both qualitative aspects, such as buyer motivations and strategies, along with technical financial and valuation assessment tools Includes a comprehensive merger consequences analysis, including accretion/(dilution) and balance sheet effects Contains challenging end-of-chapter questions to reinforce concepts covered A perfect guide for those seeking to learn the fundamentals of valuation, M&A , and corporate finance used in investment banking and professional investing, this UNIVERSITY EDITION—which includes an instructor’s companion site—is an essential asset. It provides students with an invaluable education as well as a much-needed edge for gaining entry to the ultra-competitive world of professional finance.

Leveraged Buyouts, + Website

Paul Pignataro
Leveraged Buyouts Website Book PDF

Author : Paul Pignataro
Publisher : John Wiley & Sons
Page : 453 pages
File Size : 53,6 Mb
Release : 2013-12-23
Category : Business & Economics
ISBN : 9781118674543

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Leveraged Buyouts, + Website by Paul Pignataro Pdf

A comprehensive look at the world of leveraged buyouts The private equity industry has grown dramatically over the past twenty years. Such investing requires a strong technical know-how in order to turn private investments into successful enterprises. That is why Paul Pignataro has created Leveraged Buyouts + Website: A Practical Guide to Investment Banking and Private Equity. Engaging and informative, this book skillfully shows how to identify a private company, takes you through the analysis behind bringing such an investment to profitability—and further create high returns for the private equity funds. It includes an informative leveraged buyout overview, touching on everything from LBO modeling, accounting, and value creation theory to leveraged buyout concepts and mechanics. Provides an in-depth analysis of how to identify a private company, bring such an investment to profitability, and create high returns for the private equity funds Includes an informative LBO model and case study as well as private company valuation Written by Paul Pignataro, founder and CEO of the New York School of Finance If you're looking for the best way to hone your skills in this field, look no further than this book.

Private Equity and Management Buy-outs

Mike Wright,Hans Bruining
Private Equity and Management Buy outs Book PDF

Author : Mike Wright,Hans Bruining
Publisher : Edward Elgar Pub
Page : 513 pages
File Size : 50,9 Mb
Release : 2008
Category : Business & Economics
ISBN : 1847207251

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Private Equity and Management Buy-outs by Mike Wright,Hans Bruining Pdf

Private Equity and Management Buy-outs provides a balanced view of the often polarized private equity debate. This careful and objective analysis of the presence of private equity in buy-out firms reviews the effects of this ownership transfer in terms of firm performance and survival, thus placing private equity in a broader context of implications for value creation.The analysis provides an overview of international trends in private equity and develops a conceptual framework for understanding the heterogeneity of private equity deals. Systematic evidence from large-scale studies of private equity and buy-outs are used to shed light on short- and longer-term economic and social effects. For the first time the broader scope of the key issues now facing private equity and buy-outs are brought together in the contributions herein. The book includes highlights such as:* empirical evidence on a special organizational form of private equity;* examination of backed buy-outs (perspectives from strategy, finance, HRM and management accounting);* discussion on the level of PE involvement;* challenging further debate on economic and social key issues regarding policy implications and a future research agenda.Academics and researchers - postgraduate and above - in business schools and schools of economics will find this book enlightening. It will also hold great interest for practitioners in the fields of mergers and acquisitions, general, strategic and financial management, and corporate entrepreneurship and corporate governance.

Private Equity

Paul A. Gompers,Victoria Ivashina,Richard Ruback
Private Equity Book PDF

Author : Paul A. Gompers,Victoria Ivashina,Richard Ruback
Publisher : Unknown
Page : 888 pages
File Size : 46,8 Mb
Release : 2019-03-15
Category : Business & Economics
ISBN : 9781783089178

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Private Equity by Paul A. Gompers,Victoria Ivashina,Richard Ruback Pdf

'Private Equity' is an advanced corporate finance book that integrates a range of topics from a private equity investor's perspective. The book presents a set of cases used in the Private Equity Finance class, an advanced elective course offered in the Harvard Business School MBA elective curriculum. The structure of the book follows the timeline of a typical investment, starting with deal sourcing, due diligence, and valuation, followed by execution of the transaction, including issues related to capital structure and governance. 'Private Equity' then transitions to examining operational changes and management of the capital structure, closing with a set of cases related to exit. Intended for readers interested in working for private equity firms, investing in private equity as limited partners, or providing investment banking or consulting services to private equity firms, 'Private Equity' is also appropriate for readers who are interested in a more detailed exploration of corporate finance.